Category: CRA Regulations
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Automatic Tax Returns Coming Soon? What the 2025 Federal Budget Proposed
The 2025 Federal Budget introduced a proposal that could make tax season a little easier for some lower-income Canadians – automatic tax filing. Under this plan, the Canada Revenue Agency (CRA) could automatically prepare and file a tax return for individuals who meet certain criteria. This would mainly apply to people with simple tax situations Read more
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Understanding the New Residential Property Flipping Rule
Starting in 2023, a new rule from Budget 2022 affects how profits from flipping residential real estate are taxed. Here’s a breakdown of what you need to know: What is Property Flipping? Property flipping involves buying residential property and quickly reselling it for a profit. This includes selling the rights to purchase a property before Read more
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Proposed Changes to Capital Gains Tax in 2024 Federal Budget
The 2024 federal budget proposes increasing the capital gains inclusion rate to help fund new projects and programs. Here are the key points: Consult a tax professional for personalized advice. Contact VF Accounting Source: Benjamin Lopez Steven · CBC News · Posted: Apr 17, 2024 1:38 PM EDT | Last Updated: April 17 Read more